SBI Home Loan

Highlights

  • Flexible eligibility and documentation for home loan.
  • No processing fee for home loan balance transfer.

SBI is the most preferred bank for housing loans and there are many reasons behind it. You can not only get  the benefits of Pradhan Mantri Awas Yojana (PMAY) and save up to ₹2.67 lakhs on your home loan, but also balance transfer your loan to SBI with no processing fees (offer valid for disbursement till June 30, 2018). Read more to know  the eligibility, rates and to see whether you are eligible for PMAY.

  • SBI home loan eligibility
  • Documents required for approval
  • Interest rate and processing fee
  • Types of home loans at SBI
  • Pradhan Mantri Awas Yojana (PMAY) details
  • Online application procedure
  • Application status and customer care details

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

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    How to apply for SBI Home Loan Online?

    The home loan experts at Wishfin make sure you get lowest interest rates along with instant approval facility. You can visit the website and apply for SBI home loan online. So, to get hassle-free loan, apply at Wishfin.

    SBI Home Loan Interest Rate June 2018

    Below is the table showing the maximum loan amount, tenure, interest rate, and the processing fee on the loan. The processing fee would also attract an additional 18% GST which altogether is a one-time payment deducted from the disbursed amount.

    ParticularsDetails
    Interest Rate8.45% - 9.00%
    Loan AmountCustomized
    TenureUp to 30 Years
    Processing Fee0.35% of loan amount plus GST to maximum ₹10,000 plus GST

    What is the eligibility for SBI Home Loans?

    SBI provides home loans to salaried, self-employed, employees of central/state government, self-help groups and defense personnel belong to army, navy and air force. For your reference, below is the table showing SBI Home Loan Eligibility.

    CriteriaSalariedSelf-employed
    Age18 Years-70 Years21 Years-70 Years
    Income₹1,80,000 (p.a.)₹1,80,000 (p.a.)
    Loan Amount OfferedCustomizedCustomized
    Tenure30 Years30 Years
    Current Experience2 Years3 Years

    What are the documents required for SBI Home Loans?

    The complete list of documents you must have if you want to apply for SBI home loans and for smoother approval is given below.

    SalariedSelf-employed/Professionals/Other IT Assesses
    Duly filled loan applicationDuly filled loan application
    3 recent passport size photographs3 recent passport size photographs
    Identity proof (Aadhar Card/Voter ID card/Passport/ Driving licence/IT PAN Card)Identity proof (Aadhar Card/Voter ID card/Passport/ Driving licence/IT PAN Card)
    Residential proof (Aadhar Card/photocopy of recent electricity bill/telephone bill/property tax receipt)Residential proof (Aadhar Card/photocopy of recent electricity bill/telephone bill/property tax receipt)
    Proof of business address for non-salaried individualsProof of business address for non-salaried individuals
    Bank statement/Pass Book of last three monthBank statement/Pass Book of last three month
    Signature identification from present bankersSignature identification from present bankers
    Personal Assets and liabilities statementsPersonal Assets and liabilities statements
    Original salary certificate from employerAcknowledged copies of three years IT return/Assessment orders
    TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT departmentPhotocopies of challans evidencing payment of Advance Income Tax

    What is the processing fee on SBI Home Loans?

    The processing fee for home loans and Home Top-up Loans (both Takeover and New) is 0.35% of loan amount plus GST to maximum ₹10,000 plus GST. There is also no processing fees and hidden charges on the balance transfer (offer valid for disbursement till June 30, 2018). So, if you have an existing home loan, you can go for balance transfer without paying any extra charges.

    Pradhan Mantri Awas Yojana (PMAY) – Housing for All (Urban)

    The affordable housing scheme under PMAY is for providing houses to all the eligible families/beneficiaries by 2022. Through Credit Linked Subsidy Scheme (CLSS), the purpose is to expand the credit flow to the housing needs of the urban population. Credit linked subsidy will be provided on home loans taken by eligible urban poor (EWS/LIG) for acquisition, construction of house. The Housing for All is categorised as mentioned below:

    • CLSS – EWS / LIG
    • CLSS (MIG-I/II)

    Credit Linked Subsidy Scheme (CLSS) EWS / LIG

    Under this scheme credit linked interest subsidy at 6.50% will be provided to the eligible borrowers for 15 years or actual tenure of the home loan, whichever is lower, in EWS/LIG category as per the Government of India.

    Credit Linked Subsidy Scheme (CLSS) – MIG

    Credit Linked subsidy Scheme (CLSS) for Urban Areas under the ambit of Pradhan Mantri Awas Yojana (PMAY) is for the borrower belonging to the middle-income group (MIG). The income group covers two income segments between ₹6,00,001 to ₹12,00,000 (MIG-I) and ₹12,00,001 to ₹18,00,000 (MIG-II) in a year. An interest subsidy of 4% will be provided for the loan amount up to ₹9 lakhs for MIG-I segment whereas, for MIG-II, an interest subsidy of 3% has been provided for the loan amount up to ₹12 lakhs. The scheme is now available for the customers for 15 months more that is till March 2019.

    What are the different types of home loans at SBI?

    State Bank of India offers various home loan schemes to all its customers so that they can choose from plenty of options. All these home loan schemes come with easy repayment options, competitive interest rates, nominal fee & charges. To know more about these schemes, kindly go through this article below.

    1. Regular Home Loan
    2. Balance Transfer
    3. NRI
    4. Flexipay
    5. Privilege
    6. Shaurya
    7. Pre-Approved Loan (PAL)
    8.  Realty
    9. Top-Up
    10. Bridge
    11. Hamara Ghar

    SBI Regular Home Loan 2018 Details

    This is the normal home loan scheme which is the most demanding home loans in India. The interest rate offered by the bank is the lowest. Have a look at the pricing grid for both salaried and self-employed individuals.

    SBI Top-Up Home Loan 2018 Details

    The customers who already have a home loan from SBI and want more money can opt for this facility. Have a look at the pricing grid for this loan.

    SBI Flexipay Home Loan 2018 Details

    SBI Flexipay Home Loan is available for salaried and working professional/executives. Salaried applicants with minimum 2 years of experience, aged between 21-45 years are eligible to avail the loan under this scheme. This loan scheme is available with a maximum repayment period of 25-30 years with a loan amount of ₹20 Lakh or above.

    SBI Maxgain-Home loan 2018 Details

    You can avail this scheme to get the loan amount of above ₹20 Lakh & there is no maximum limit available for obtaining home loans under SBI Maxgain scheme.

    SBI NRI Home Loan 2018 Details

    This home loan scheme is available for Non-Resident Indians (NRIs) as well as for Persons of India Origin (POIs), having a regular source of income. To avail the same, the minimum employment tenure in India/Abroad is 2 years, whereas as far as the loan amount is concerned, there is no maximum limit for the same.

    SBI Realty Home Loan 2018 Details

    You can avail this loan to purchase a plot so as to start the construction of the house. But it comes with a condition i.e. the construction of the house should commence within 2 years from the day you availed the loan under this scheme. Maximum loan amount offered under this scheme is ₹10 crore up to a repayment period of 15 years.

    SBI Pre-approved Loan (PAL) 2018 Details

    Under this scheme, the home loans can easily be sanctioned to the borrowers before the finalization of the property, which also enables the borrowers to do the negotiation easily. The eligibility will be decided on the basis of income details provided by the applicants. SBI PAL home loan scheme is available with a minimum loan amount of ₹10 Lakh.

    SBI Tribal Plus Home Loan 2018 Details

    This home loan scheme from SBI has been thoughtfully designed for people living in hilly/tribal areas so as to extend their financial assistance. Usually, in these areas the mortgage of the property is not easily possible, thus keeping this thing in mind, SBI has come up with this scheme. You can avail loan from this scheme to purchase or construct a home/flat without mortgaging the land. The maximum loan amount that you can get is ₹10 Lakh for a maximum repayment period of 15 years.

    SBI Privilege Home Loan 2018 Details

    Employees of Central/State Governments including PSBs, PSUs and other individuals with pensionable service. Maximum loan tenure is 30 years with repayment upto the age of 75 years. You can also opt for the balance transfer, and switch your existing home loan to SBI.

    SBI Shaurya Home Loan 2018 Details

    Those who are in defense personnel belonging to Army, Navy and Air Force are eligible to avail the home loan under this scheme. You can also opt for balance transfer in order to reap the maximum benefits of this scheme. Under this scheme, you can repay the same at an age of 75 years with maximum loan repayment period of upto 30 years.

    SBI Bridge Home Loan 2018 Details

    At SBI, the maximum loan amount that you can get is 80% of the value of the property and the rest 20% of the amount is to be deposited by the borrower himself. However, SBI Bridge Loan is the facility under which you can get the loan for the rest 20% as well. This is a short term loan which helps the borrower to buy their dream home without being worried about any down payment. The maximum tenure for this term loan is 2 years and the interest rate applicable is marginally higher than the normal home loan interest rate. The interest rate for the first year is 10.70% per annum and then from second year onwards it changes into 11.70% per annum.

    How can you check your loan application Status?

    In order to know your SBI Home Loan Status, you can visit the official website of the bank or contact Wishfin home loan executive. The executives are there to help you track the status of your home loan application. You need to have the application ID to know the status.

    What is the customer care number of SBI?

    If you have any home loan related query, you can also contact the nearest SBI branch. You can also dial a toll-free customer care number-1800 425 3800.

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